FMR - December 2015

FROM THE CIOs DESK:
Pakistans Stock Market Sustains a Volatile Year!

Beaten Oil and CPEC Development Expected to Provide Much Needed Stimulus in 2016!
Dear Investor,
CY15 turned out to be quite an eventful year both globally as well
as locally, the impacts of which were also reflective in the stock
markets oscillating movements throughout the year. The KSE-100
and KMI-30 indices, both showed a range bound behavior closing
2.13% and 9.60% up respectively on a YoY basis. However, our
equity mutual funds comfortably outperformed the KMI-30 index
during CY2015 whereby Meezan Islamic Fund, Al Meezan Mutual
Fund and Meezan Tahaffuz Pension Fund-Equity sub fund posted
12.66%, 10.21% and 16.50% returns respectively.
Mainly, the stock market showed a volatile behavior during the
second half of CY15 mainly on the back of foreign investment
outflow; this worried the local investors but it is pertinent to
understand the reasons behind this volatility. In the third quarter of
this year, slow-down in the growth momentum of Chinese
economy triggered a volatility chain over almost all international
bourses as the international investors became jittery on fears of a
global economic slow-down; the same impacted Pakistans stock
market as well as there was an outflow of investments from all
emerging markets. During the fourth quarter, expectations
regarding the US Federal Reserve Rate to rise (which materialized
in the form of a 25bps increase towards the end of the year for the
first time in a decade, drove the international investors to
reallocate their investment portfolios accordingly as emerging
economies usually witness an outflow of funds when interest rates
rise in developed economies.
This sentiment jitteriness and changing fundamentals on the global
front coupled with continuously declining commodities in the
international market impacted many stock markets across the
globe during this year as is evident in the table; it is worth noting
however that Pakistans stock market was one of the best
performing markets during CY2015.
The important point to note here is that despite a foreign selling of
USD 315 million during CY2015, the stock market has shown
consistent resilience, thereby highlighting the confidence of
institutional as well as individual investors in the market. Alongside,
in the current interest scenario where the SBP has consistently
reduced the Policy Rate over the last four and a half years and
brought it down to a 42-year low at 6%, equities appear to be the
best way forward for investors to meet their long-term investment
goals.
Ijarah Auction: Finally Some Respite for Shariah Compliant End of the Money Market
After almost a year and half, the SBP conducted a fresh Ijarah Auction right before the end of CY2015 whereby Rs. 117
billion was accepted against a target of Rs. 100 billion. The cut-off yield in this auction was 6 months Treasury bill yield
minus 50bps which coupled with a heavy participation level of Rs. 273 billion, basically highlights the desperation for fund
deployment caused by the excess liquidity concern prevalent in the Islamic Money Market. The government is expected to
carry out a couple of more Ijarah Sukuk Auctions one of which has been scheduled for February 2016 while the timeline
for the second one is still uncertain. All in all, the shariah compliant end of the money market is expected to witness a
better liquidity scenario over CY2016 since the new auctions and the Islamic OMOs/Bai Muajjals to be conducted by the
SBP shall keep the Shariah Compliant markets liquidity in control.
Industrial Commodities Expected to Stay Under Pressure; Agricultural Commodities to Rise!
As evident in the table above, industrial commodities have seen consistent declines over the last two years with oil posting
the sharpest decline of 66%. The recent tensions that have sparked up in the Gulf region have led to a slight increase in oil
prices but this rise is not expected to lead to any significant recovery in prices of the crude. Steel, Rubber, Copper and Coal
have also shown considerable declines which basically highlight how the Global economic activity has continued to witness
sluggish growth and given the current international scenario, this trend is expected to continue thereby keeping these
industrial commodities depressed for the foreseeable future. Changing weather patterns however, also known as the El
Nino weather patterns, are expected to negatively impact the Global agricultural output and therefore, prices of
agricultural commodities can be expected to remain firm.
Outlook going forward
The stock market has shown consistent resilience despite continued foreign selling during CY2015. Given the improving
economic fundamentals coupled with strong corporate profitability expectations ahead, the market is expected to gain
momentum once again post the regulatory concerns between the SECP and the brokers are sorted out and Foreign selling
dries out. Low oil prices on the international front are expected to persist in turn keeping the positives for oil importing
economies intact. The government is also expected to stay firm on its privatization initiatives which are also a requirement
under the IMF program; these privatizations are also expected to bring in fresh investment in the stock market.
Development under the China Pakistan Economic Corridor (CPEC) is expected to be a game changer for Pakistans
economy and hence, it will also be a major trigger going forward in improving investors sentiments and driving the stock
market to new peaks. Therefore, in the current low interest rate environment, equities still appear to be a good alternative
for higher returns.
Advice to our valued Investors
The KSE-100 index is very attractive currently based on its cheap multiples and strong fundamentals. The market is
currently trading at a trailing PE multiple of 9.8x, a discount from the MSCI Frontier markets at 10.54x and MSCI Emerging
markets at 13.0x PE. KSE- 100 has also maintained a higher trailing dividend yield of 5.7% as compared to 4.14% yield of
MSCI Frontier markets and 2.82% yield of MSCI Emerging markets:
Given this attractively priced scenario of Pakistans stock market and the potential still inherent in this market, we
recommend that investors should take equity exposure to take advantage of the potential return. Once the foreign
investors selling halts, the stock market is expected to bud into a growth trend once again.
Overall, our stance remains positive on Pakistans stock market; some volatility may persist in the near term but equities
are expected to outperform other investment avenues over medium to long term. Investors with relevant risk profiles and
investment horizons are advised to go through our Fund Manager Report hereunder for a detailed performance review of
our mutual funds.
Ground Floor Block B, Finance and Trade Center, Shahrah-e-Faisal Karachi.

UAN: 111-633-926 (111-Meezan) Call Center: 0800-42525, Web Site: www.almeezangroup.com
December, 2015
Fund Managers
AL Meezan Investment Management Report
Limited
0
\
Al Meezan Investments, the company in operation since 1995, has one of the longest track record of managing mutual funds in the private sector
in Pakistan. Al Meezan Investments manages twelve mutual funds; namely Al Meezan Mutual Fund, Meezan Balanced Fund, Meezan Islamic
Fund, Meezan Islamic Income Fund, Meezan Tahaffuz Pension Fund, Meezan Cash Fund, Meezan Sovereign Fund, Meezan Capital Preservation
Fund II, Meezan Capital Preservation Fund III, Meezan Financial Planning Fund of Funds, KSE Meezan Index Fund and Meezan Gold Fund.
The total funds under management of Al Meezan, the only full-fledged Shariah compliant asset management company in Pakistan, have reached
Rs. 71.57 billion as on December 31, 2015. With an AM2+ credit rating denoting high management quality, the company clearly stays well ahead
of all its competitors in the Islamic asset management market in Pakistan.
Stock Market Review Money Market Review

During the month of December 2015, the KSE-100 index The money market faced a relatively tight liquidity scenario
appreciated by 1.74% to close at 32,816 points. Cement sector evidenced by Rs. 6.1 trillion worth of OMO injections carried out by
remained a positive contributor to the Index whereas Banks were the SBP coupled with Rs. 68 billion worth of discounting availed by
negative contributors. The average daily volume of the market was various counters during the month. The 3MK and 6MK both closed
140.3 mn shares, down by 18% on a MoM basis. 2bps down at 6.49% and 6.51% respectively.
Foreigners continued to sell during the month of December and Inflation for Dec15 clocked in at 3.2% taking the 6MFY16 average CPI
reported a net sell of USD 34mn which kept the market range at 2.1% (as against 6.1% in the same period last year).
bound. Major foreign selling was witnessed in Oil, Fertilizer and The SBP on December 15, 2015 conducted a fresh GoP Ijarah Sukuk
Banking sectors. The selling had been continuous since several auction after around one and half years. The auction target was Rs.
months in anticipation of a US interest rate hike which finally 100 billion and Rs. 117.72 billion was accepted against a participation
materialized in mid-December, when the Federal Reserve increased of Rs. 273.3 billion.
interest rates by 25 basis points. Moreover, two T-bill auctions were conducted during this period
whereby in total Rs. 112 billion was accepted against a participation
Going forward, capital flows from emerging markets into the dollar
of Rs. 309 billion with major participation and acceptance in 3
can keep downward pressure on regional equity markets as the US
months category. A PIB auction was also conducted whereby Rs. 33
continues monetary tightening in 2016. In addition, the direction of
billion was accepted against a participation of Rs. 137 billion with
the conflict in Middle East and its impact on oil prices would be a
major participation and acceptance in 3 years category.
major theme in the coming calendar year. Having consolidated at
On the forex front, rupee gained value closing Rs. 0.76 stronger at Rs.
the 33,000 level, we believe local investors will continue to lend
104.75/$ in the interbank market while it closed Rs. 0.90 stronger at
support to the market which should enable it to perform well in the
Rs. 106.10/$ in the open market.
New Year.
KSE-100 Index Performance

6 Month KIBOR
Vol (mn) (LHS) Index (RHS)

300 33,600
7.20
7.00
32,800
200 6.80
6.60
32,000
6.40
100
31,200 6.20
6.00
10-Dec
13-Dec
16-Dec
19-Dec
25-Dec
31-Dec
22-Dec
28-Dec
1-Dec
4-Dec
7-Dec
0 30,400
1-Dec
7-Dec
17-Dec
23-Dec
11-Dec
31-Dec
Disclaimer
This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in
mutual funds are subject to market risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These
may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
(This report has been prepared in line with MUFAPs recommended Format)
MEEZAN ISLAMIC FUND (MIF) December, 2015
EQUITY
AMC RATING AM2+ (STABLE OUTLOOK)
Fund Review:
Net assets of Meezan Islamic Fund stood at Rs. 27.61 billion as on December 31, 2015. The funds NAV increased by 3.8% during the month of
December as compared to 4.0% increase in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 1.7%. As on
December 31, the fund was 95% invested in equities.
Investment Objective: Performance - Cumulative Returns:

To maximize total investor returns by investing in
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR*
Shariah Compliant equities focusing on both capital
gains and dividend income. MIF 4% 6% 2% 2% 13% 101% 216% 970% 21%
Funds
Fund Details
Details: Benchmark# 4% 3% -3% -3% 10% 91% 192% 645% 18%
Fund Type: Open End * Performance start date of August 08, 2003, CAGR since inception
Risk Level High # KMI-30 replaced DJIIMPK as the Funds benchmark from July 01, 2009, while KSE-100 index
remained as the benchmark till June 30, 2006
Launch Date 8th Aug 2003
Trustee CDC
Auditors
KPMG Taseer Hadi Annual Returns:
& Co.
Registrar Meezan Bank Ltd.
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Unit Types A, B and C
Management Fee 2% MIF 22% 29% 51% 19% 39% 31% -30% 0%
Front End Load 2%
Fund Category Equity Benchmark 20% 30% 54% 14% 44% 37% -35% 1%
Back End Load Nil
Benchmark KMI-30 Funds Performance:
Leverage Nil
Listing KSE 1,200
AMC Rating AM2+ MIF Benchmark
Rating Agency JCRVIS 1,000
Pricing Mechanism Forward
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 4pm 800
Fund Manager Muhammad Asad
600
Members of M. Shoaib, CFA
Investment Committee Muhammad Asad
400
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA 200
Zain Malik
Asmar Hamoodi -
Fahad Sultan, ACA
May-06
Mar-13
Dec-04
Oct-11
Dec-15
Sep-07
Jun-10
Jul-14
Aug-03
Feb-09
Fund Net Assets:

Nov '15 Dec '15 MoM %
Net Assets (Rs mn) 26,607 27,610 3.8% Top Ten Equity Holdings:(% of Total Assets):
NAV Per Unit (Rs) 57.74 59.95 3.8%
Packages Ltd. 10% Fauji Cement Co. Ltd. 4%
Asset Allocation:
The Hub Power Co. Ltd. 10% Mari Petroleum Ltd. 4%
Lucky Cement Ltd. 8% Indus Motors Co. Ltd. 3%
Nov '15 Dec '15 Engro Corporation 7% Engro Foods Ltd. 3%
Equity (%) 92.73 94.89 Pakistan State Oil Co. Ltd. 6% The Searle Co. Ltd. 3%
Cash (%) 6.79 4.45
Other receivables (%) 0.48 0.66 Sector Allocation:
Expense Ratio 1.28% 1.57% Cement
21% 13%
P/E 8.5 8.6 Power Generation & Distribution
8%
Risk Measures Dec 15: Oil & Gas Marketing Co.
Fertilizer
KSE-100 KMI-30 10%
MIF Index Index Paper & Board
Standard Deviation (%) 0.94 0.85 1.60 38% 10% Others
Sharpe Ratio 3.68 0.96 3.74
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund
from the date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund).
adf
Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 184.61 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have
been higher by Rs. 0.40/0.67%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAPs recommended Format)
AL MEEZAN MUTUAL FUND (AMMF) December, 2015
EQUITY
Fund Review:
The net assets of Al Meezan Mutual Fund (AMMF) as at December 31, 2015 stood at Rs. 4.26 billion. The funds NAV increased by 3.3% during
the month of December as compared to 4.0% increase in benchmark index (KMI-30) while KSE-100 Index during the same period increased by
1.7%. As on December 31, the fund was 96% invested in equities.

The objective of Al Meezan Mutual Fund is to optimize
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR*
the total investment returns, both capital gains and
dividend income, through prudent investment AMMF 3% 5% 0.3% 0.3% 10% 100% 210% 2,287% 17%
management. Benchmark# 4% 3% -3% -3% 10% 91% 192% 1,836% 16%
Fund Details: * Performance start date of July 13, 1995, CAGR since inception
Funds Details # KMI-30 replaced DJIIMPK as the Funds benchmark from July 01, 2009, while KSE-100 index
remained as the benchmark till June 30, 2006.
Fund Type: Open End
Risk Level High
Launch Date 13th Jul 1995 Annual Returns:
Trustee CDC
KPMG Taseer Hadi
Auditors FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
& Co.
Registrar Meezan Bank Ltd. AMMF 22% 30% 51% 19% 38% 31% -32% 0%
Unit Types A, B,C and D
Management Fee 2% Benchmark 20% 30% 54% 14% 44% 37% -35% 1%
Front End Load 2%
Fund Category Equity
Back End Load Contingent Load Investment Growth from FY 1996 - to Date
Benchmark KMI-30
Leverage Nil 3,000,000
Listing ISE
AMC Rating AM2+ 2,387,230
Rating Agency JCRVIS 2,500,000
Valuation Days Mon-Fri 2,000,000
Subscription/ Redemption Days Mon-Fri 9am 4pm
Fund Manager Ahmed Hassan, CFA 1,500,000
1,172,192
Members of M. Shoaib, CFA 968,549
Investment Committee Muhammad Asad 1,000,000
Conversion from
Sanam Zaib, CFA close end fund to
Ahmed Hassan, CFA 500,000 open end fund
100,000
Asif Imtiaz, CFA 487,122
122,800
Zain Malik -
Jan 12
Dec 15
Sep 14
Sep 12
Jun 13
Apr 12
Apr 14
June 01
June 06
June 11
Jul 15
Nov 11
Nov 13
July 95
Feb 15
Asmar Hamoodi
Fahad Sultan, ACA
Fund Net Assets:

Top Ten Equity Holdings:(% of Total Assets):
Net Assets (Rs mn) 4,004 4,260 6.4% The Hub Power Co. Ltd. 10% Fauji Cement Co. Ltd. 5%
NAV Per Unit (Rs) 15.80 16.33 3.3% Packages Ltd. 9% Engro Foods Ltd. 3%
Engro Corporation 9% Indus Motors Co. Ltd. 3%
Asset Allocation: Lucky Cement Ltd. 8% Mari Petroleum Ltd. 3%
Nov '15 Dec '15 Pakistan State Oil Co. Ltd. 6% Kohat Cement Ltd. 2%
Equity (%) 95.92 95.85
Cash (%) 3.53 3.67
Sector Allocation:
Other receivables (%) 0.55 0.48
14% Cement
21%
Expense Ratio 1.32% 1.59%
Power Generation & Distribution
P/E 8.5 8.6 8%
Oil & Gas Marketing Companies
*Management fee is included in the expense ratio
Risk Measures Dec 15: Fertilizer
KSE-100 KMI-30 13% Paper & Board

AMMF Index Index
35%
Standard Deviation (%) 0.99 0.85 1.60 9% Others
Sharpe Ratio 2.95 0.96 3.74
WWF Disclosure The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund
from the date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus,
the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 34.83 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have
been higher by Rs. 0.14/0.87%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
MEEZAN ISLAMIC INCOME FUND (MIIF) December, 2015
INCOME
Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 9.9 billion as on December 31, 2015. MIIF has provided an annualized return of
9.32% for the month of December as compared to its benchmark which has provided an annualized return of 3.14% during the same period.
Investment Objective: Performance - Annualized Returns:

To provide investors with a high and stable rate of
current income consistent with long term preservation 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
of capital in a Shar iah compliant way. A secondary MIIF 9.32% 7.72% 6.97% 6.97% 7.64% 10.72% 13.05% 14.83%
objective is to take advantage of opportunities to
Benchmark 3.14% 3.45% 3.74% 3.74% 4.35% 4.96% 5.38% 5.58%
realize capital appreciation.
* Performance start date of Jan 15, 2007
Fund Details:
FundFunds
Type: Details Open End
Annual Returns:
Risk Level Minimal
Launch Date 15-Jan-07 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
MIIF 8.15% 11.90% 14.45% 7.79% 11.77% 7.31% 10.14% 9.28%
KPMG Taseer Hadi
Auditors
& Co. Benchmark 5.04% 5.38% 5.54% 6.02% 5.88% 5.80% 6.12% 5.75%
Management Fee 1.5% Monthly Performance:
Front End Load 0.5%
Fund Category Income 25%
Leverage Nil
Listing KSE 20%
AMC Rating AM2+ MIIF Benchmark
Rating Agency JCRVIS 15%
Fund Stability Rating A- (f)
Pricing Mechanism Forward 10%
Weighted average time to
1.73 Years
maturity 5%
Back End Load Contingent load for
Type C investors
0%
Benchmark Average bank deposit
Dec-15
Jan-15
Sep-15
Oct-15
Jun-15
Apr-15
Aug-15
Nov-15
Jul-15
Feb-15
May-15
Mar-15
rate of three Islamic

banks
Fund Manager Zain Malik Top Portfolio Holdings:(% of Total Assets):
Members of M. Shoaib, CFA GoP Ijarah Sukuks XVI 20% Maple Leaf Sukuk - I 1%
Investment Committee Muhammad Asad K-Electric Limited-III 11%
Sanam Zaib, CFA Engro Fertilizer Limited - I 4%
Ahmed Hassan, CFA Lalpir (Commercial Paper) 2%
Asif Imtiaz, CFA
K-Electric Limited-II 2%
Zain Malik
Asmar Hamoodi
Fahad Sultan, ACA
Asset Allocation:
Nov 15 Dec 15
Fund Net Assets: Sukuks 19% 18%
Government backed / Guaranteed Securities 0% 20%
Placements with Banks and DFIs 16% 18%
Net Assets (Rs mn) 9,295 9,936 6.90%
Commercial Paper 2% 2%
NAV Per Unit (Rs) 52.23 52.64 0.79%
Cash 62% 41%
Credit Quality of Portfolio: Others Including receivables 1% 1%
AAA 20.5%
AA+ 4.4%
Details of Non Performing Investments:
AA 16.2%
A+ 48.4%
A 1.9%
A- 3.9%
AA- 4.0%
60%
Credit Quality 48%
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have
resolved that unrecorded accumulated WWF provision in the fund from the date of its application till December 31, 2012, in
30% 21%
16% case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the
fund). Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
4% 2% 4% 4%
0% The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 45.46 million till June 30, 2015, if the same
was not made the NAV per unit/return of the fund would have been higher by Rs. 0.24/0.46%. Effective from July 1, 2015 no
AA-
AAA
A
A+
A-
AA
AA+
provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
MONEY MARKET
MEEZAN CASH FUND (MCF) December, 2015
Fund Review
Net assets of Meezan Cash Fund (MCF) stood at Rs. 3.3 billion as on December 31, 2015. MCF has provided an annualized return of 4.53% for
the month of December as compared to its benchmark which has provided an annualized return of 4.35% during the same period.
Investment Objective: Performance Annualized Returns:

To seek maximum possible preservation of capital and
a reasonable rate of return via investing primarily in 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
liquid Shariah compliant money market and debt MCF 4.53% 4.31% 4.61% 4.61% 6.06% 7.41% 9.94% 11.28%
securities.
Benchmark 4.35% 4.50% 4.69% 4.69% 5.38% 6.17% 6.91% 7.07%
Fund Details: * Performance start date of June 15, 2009
FundFunds
Type: Details Open End
Risk Level Minimal Annual Returns:
Launch Date 15-Jun-09
Trustee CDC
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
KPMG Taseer Hadi
Auditors MCF 7.46% 7.08% 8.78% 10.71% 11.02% 10.09% 8.03% -
& Co.
Registrar Meezan Bank Ltd. Benchmark 6.24% 6.55% 6.91% 8.13% 8.24% 7.50% 7.60% -
Unit Types A, B and C 15 days of operations
Management Fee 1%
Front End Load Nil Monthly Performance:
Back End Load* 0.1% if redemption
within 3 days
10%
Fund Category Money Market
Leverage Nil MCF Benchmark
8%
Listing ISE
AMC Rating AM2+
6%
Rating Agency JCRVIS
Fund Stability Rating AA (f)
Weighted average time to
15.61 Days 2%
maturity
Benchmark Average return on
6-month Islamic 0%
Jan-15
Dec-15
Oct-15
Sep-15
Jun-15
Apr-15
Aug-15
Nov-15
Jul-15
Feb-15
May-15
Mar-15
bank deposits
Fund Manager Zain Malik
Portfolio: Salient Features
Investment Committee Muhammad Asad Maximum Preservation of Principal Investment
Sanam Zaib, CFA High Liquidity (Redemption within two working days)
Ahmed Hassan, CFA Key Benefits
*No Sales Load (No Entry or Exit charges)
Asif Imtiaz, CFA
Zain Malik Tax Credit as per tax laws
Asmar Hamoodi Investments in High Grade & Liquid avenues:
Fahad Sultan, ACA
Instrument/Issuer Rating : Minimum AA
Investment Policy and
Fund Net Assets: Strategy Maximum Maturity of Instruments : Six Months
Nov '15 Dec'15 MoM % Average Time to Maturity of Portfolio : Three
Net Assets (Rs mn) 7,179 3,292 -54.15% Months
NAV Per Unit (Rs) 51.06 51.26 0.38% Benchmark Average return on 6-month Islamic bank deposits
Asset Allocation:
Rating Exposure:
76% Placements with Banks and DFIs
AAA 30%
Cash
AA+ 57%
Commercial Paper
AA 10%
Government Guaranteed
Portfolio Composition: Other Including receivables
13%
Nov 15 Dec 15
3% 7%
Placements with Banks and DFIs 8% 13% 0.1%
Cash 87% 76% WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have
Commercial Paper 3% 7% resolved that unrecorded accumulated WWF provision in the fund from the date of its application till December 31, 2012, in
case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund).
Government Guaranteed 0% 0.1%
Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
Other Including receivables 2% 3%
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 58.58 million till June 30, 2015, if the same
was not made the NAV per unit/return of the fund would have been higher by Rs. 0.91/1.78%. Effective from July 1, 2015 no
provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
MEEZAN SOVEREIGN FUND (MSF) December, 2015
INCOME
Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 10.52 billion as on December 31, 2015. For the month of December, the fund has
provided an annualized return of 13.46% as compared to its benchmark which has provided an annualized return of 4.35% during the same
period.
Investment Objective: Performance - Annualized Returns:

To seek maximum possible preservation of capital and
a reasonable rate of return 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
Fund Details: MSF 13.46% 7.43% 5.95% 5.95% 7.22% 8.01% 10.64% 11.42%
Benchmark 4.35% 4.50% 4.69% 4.69% 5.38% 6.17% 6.91% 7.03%
Fund Type: Open End
Risk Level Minimal * Performance start date of Feb 10, 2010,
Funds
Launch Date
Details 10-Feb-10
Trustee CDC Annual Returns:
KPMG Taseer Hadi
Auditors FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
& Co.
Registrar Meezan Bank Ltd. MSF 6.81% 8.50% 9.11% 11.19% 11.45% 9.76%* - -
Unit Types A, B, C and D Benchmark 6.24% 6.55% 6.91% 8.13% 8.24% 7.50%
Management Fee 1% - -
Front End Load 0.5% * 140 days of operations
Back End Load Nil
Fund Category Income Monthly Performance:
Leverage Nil
Listing ISE 16%
AMC Rating AM2+ 14%
Rating Agency JCRVIS MSF Benchmark
12%
Fund Stability Rating AA (f)
Weighted average time to 8%
2.13 years
maturity
Benchmark Average return on 6%
6-month Islamic 4%
bank deposits 2%
Subscription/ Redemption Days Mon-Fri 9am 4pm 0%
Nov-15
Jul-15
Feb-15
May-15
Mar-15
Jan-15
Dec-15
Oct-15
Sep-15
Jun-15
Apr-15
Aug-15
Fund Manager Zain Malik

Sanam Zaib, CFA Portfolio: Salient Features
Ahmed Hassan, CFA
Asif Imtiaz, CFA Maximum Preservation of Principal Investment
Zain Malik Primary Investments in securities issued by
Asmar Hamoodi Government of Pakistan
Fahad Sultan, ACA Key Benefits Very Low Risk
Fund Net Assets: Liquidity (Redemption on average in 2-3 working
days)
Tax Credit as per tax laws
Net Assets (Rs mn) 6,150 10,517 71.00%
NAV Per Unit (Rs) 51.39 51.98 1.14% Investments in High Grade & Liquid avenues:
Minimum 70% Investment in Government backed /
Asset Rating: Investment Policy and issued securities (rated AAA)
Strategy Placements in top rated banks and financial
AAA 83.0% institutions
AA+ 3.8%
Weighted Average Time to Maturity of Portfolio : Not
AA 5.7%
more than 4 years
A+ 6.7%
Benchmark Average return on 6-month Islamic bank deposits
Asset Allocation:
Nov 15 Dec 15 Asset Allocation:
Government Guaranteed 22% 83%
Cash 76% 16%
Other Including receivables 2% 1%
Government Guaranteed
WWF Disclosure: The Board of Directors of the management company in
its meeting held on October 25, 2013 have resolved that unrecorded accumulated
WWF provision in the fund from the date of its application till December 31, 2012, Cash
in case is required to be paid, shall be borne by Al Meezan Investment Management
Limited (Management Company of the fund). Thus, the Fund is no longer liable to
pay any expense under WWF until December 31, 2012.
Other Including receivables
The Fund has maintained provisions against Workers Welfare Fund liability of Rs.
83%
133.89 million till June 30, 2015, if the same was not made the NAV per unit/return 1% 16%
of the fund would have been higher by Rs. 0.66/1.27%. Effective from July 1, 2015
no provision is being made as mutual funds have been excluded from levy of WWF
vide Finance Act 2015.
MEEZAN TAHAFFUZ PENSION FUND (MTPF) December, 2015
PENSION
Fund Review:
As at December 31, 2015, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 5,091 million. For the month of
December, the NAV of equity sub fund increased by 4.71% while the NAV of debt and money Market sub funds provided an annualized return of
8.26% and 8.93% respectively.
Investment Objective: MTPF - Allocation Schemes

To provide participants a regular Halal income stream
after retirement/disability when they can no longer
1M 3M 6M YTD 1Yr 3Yr 5Yr PSD* CAGR*
earn regular income to support their living so that they
High Volatility 4% 6% 5% 5% 14% 104% 207% 291% 17%
are not dependent on other members of the society.
Med. Volatility 3% 4% 4% 4% 11% 73% 147% 219% 15%
Fund Details: Low Volatility 2% 3% 3% 3% 9% 47% 97% 160% 12%
Fund Type: Open End Lower Volatility 1% 1% 2% 2% 6% 21% 47% 100% 8%
RiskFunds
Level Details Minimal * Performance start date of June 28, 2007. CAGR since inception
Launch Date 28-Jun-07
Trustee CDC Allocation Scheme Equity Debt Money Market
Auditors KPMG Taseer Hadi High Volatility 80% 20% 0%
& Co.
Registrar Meezan Bank Ltd. Medium Volatility 50% 40% 10%
Fund Category Pension Low Volatility 25% 60% 15%
Management Fee 1.5% Lower Volatility 0% 50% 50%
Front End Load 3%
Leverage Nil Annual Returns:
AMC Rating AM2+
Rating Agency JCRVIS FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Pricing Mechanism Forward MTPF- Equity 26.6% 32.4% 54.9% 16.8% 36.0% 31.5% -25.8% 3.1%
MTPF- Debt 6.4% 7.7% 8.3% 9.5% 10.9% 8.5% 10.2% 8.3%
Fund Manager Muhammad Asad MTPF- MMkt 6.9% 6.9% 7.8% 10.9% 10.7% 8.5% 11.1% 7.7%

Investment Committee
(MTPF Equity): Sector Allocation & Top Holdings (Dec15)
Muhammad Asad
Sanam Zaib, CFA Cement 21% The Hub Power Co. Ltd. 8.82%
Ahmed Hassan, CFA Packages Ltd. 8.15%
Asif Imtiaz, CFA Power Generation & Distribution 13%
Lucky Cement Ltd. 6.63%
Zain Malik Fertilizer 11%
Asmar Hamoodi Engro Corporation 6.58%
Fahad Sultan, ACA Pharmaceutical 11% Fauji Cement Co. Ltd. 6.10%
Pakistan State Oil Co. Ltd. 5.12%
Paper & Board 8%
Ferozesons Labs 4.82%
Fund Net Assets: Other Sectors 34% Al-Shaheer Corp 3.67%
Cash & Others including receivable 2% Mari Petroleum Ltd. 2.88%
Rs (Mn) Nov '15 Dec '15 MoM %
Engro Foods Ltd. 2.78%
MTPF- Equity 2,995 3,179 6.1%
MTPF- Debt 1,494 1,549 3.7%
MTPF- MMkt 354 363 2.4% MTPF Debt Sub Fund:
Total Fund 4,843 5,091 5.1% 3.4%
NAV per unit: 25.7%
GoP Guaranteed Securities
Rs Nov '15 Dec '15 MoM %
MTPF- Equity 419.0 438.7 4.71% Sukuk
MTPF- Debt 198.8 200.2 0.70%

Cash & Other Including receivables
MTPF- MMkt 198.3 199.8 0.76%
70.9%
Sukuk Holdings MTPF (Debt Fund)

MTPF Money Market Sub Fund:
GoP Ijarah Sukuks XVI 40.58%
71.8%
GoP Ijarah Sukuks XIV 30.30%
K-Electric Limited-II 3.38% 28.2%
GoP Guaranteed Securities
Cash & Other Including receivables
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the
date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no
longer liable to pay any expense under WWF until December 31, 2012.
Effective from January 1, 2013, the Fund has maintained provisions against Workers Welfare Fund liability to the tune of Rs. 26.86mn (Equity), Rs. 4.57mn (Debt) and Rs. 1.22mn (MMKT), if the
same were not made the NAV per unit/return of the fund would be higher by Rs. 3.71/0.84% (Eq.), Rs. 0.59/0.30% (Dt.) and Rs. 0.67/0.34 (MM.). For further details, investors are advised to read
financial statements of the fund.
KSE-MEEZAN INDEX FUND (KMIF)
INDEX TRACKER
December, 2015
Fund Review:
As at December 31, 2015, the net assets of KSE-Meezan Index Fund (KMIF) stood at Rs. 880 million. For the month of December, KMIF
provided a return of 3.56%.

KSE Meezan Index Fund (KMIF) is a Shariah Compliant
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR
Index Fund that aims to provide investors an
KMIF 3.6% 2.0% -4.0% -4.0% 7.1% 75.3% - 107.7% 22.4%
opportunity to track closely the performance of the
Benchmark 4.0% 2.8% -2.9% -2.9% 9.6% 90.9% - 129.5% 25.9%
KSE-Meezan Index 30 (KMI 30) by investing in
* Performance start date of May 23, 2012.
companies of the Index in proportion to their
Annual Returns:
weightages.
Fund Details: FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Fund Type: Open End KMIF 17.1% 26.5% 49.6% -2.4%* - - - -
Risk Level High
Launch Date 23-May-12 Benchmark 20.1% 29.9% 54.4% -1.9% - - - -
Trustee CDC
KPMG Taseer Hadi
* 38 days of operations.
Auditors
& Co.
Unit Types A and B
Funds Performance:
Management Fee 1% 270
Front End Load 2% 250 KMIF Benchmark
Fund Category Index Tracker Scheme
Back End Load Nil 230
Leverage Nil 210
Listing ISE
190
AMC Rating AM2+
Rating Agency JCRVIS 170
150
Benchmark KMI-30 Index
Valuation Days Mon-Fri 130
Subscription/ Redemption Days Mon-Fri 9am 1pm 110
Fund Manager Ahmed Hassan, CFA
90
Members of M. Shoaib, CFA Dec-14
Dec-15
Jan-13
Jan-14
Sep-12
Oct-13
Oct-14
Oct-15
Jun-12
Jun-13
Apr-13
Aug-13
Aug-14
Nov-12
Jul-15
May-14
May-15
Mar-14
Mar-15
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA Top Ten Equity Holdings:(% of Total Assets):
Zain Malik
Asmar Hamoodi The Hub Power Co. Ltd. 11% Dawood Hercules 5%
Fahad Sultan, ACA Fauji Fertilizer Co. Ltd. 10% DG Khan Cement Co. Ltd. 4%
Engro Corporation 9% Pakistan Oilfields Ltd. 4%
Fund Net Assets: Lucky Cement Ltd. 8% Engro Fertilizer 3%
Pakistan Petroleum Ltd. 7% Fauji Cement Co.Ltd. 3%
Net Assets (Rs mn) 806 880 9.17% Sector Allocation:
NAV Per Unit (Rs) 66.45 68.81 3.56%
20% 13% Cement

Assets Allocation: 12%
Oil & Gas Exploration Companies
Nov '15 Dec '15 Fertilizer
Equity (%) 95.1 92.8 21%
Cash (%) 2.0 6.7 Pharmaceuticals
Other Including receivables (%) 2.9 0.5 3% 31% Others
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the
date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no longer
liable to pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 12.90 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have been higher by
Rs.1.01/1.46%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
FUND OF FUNDS
MEEZAN FINANCIAL PLANNING FUND OF FUNDS (MFPFOF) December, 2015
Fund Review:
As at December 31, 2015, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 7,462 million. For the month
of December, the NAV of Aggressive plan increased by 3.5% while the NAV of moderate, Conservative plan, Preservation plan I, Preservation
plan II, MAAP-I and MAAP-II provided a return of 2.5%, 1.8%, 2.1%, 1.5%, 3.2% and 0.7% respectively.
Investment Objective:
To generate returns on Investment as per respective
MFPFOF - Allocation Plan:
allocation plans by investing in Shariah Compliant 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
Fixed Income and Equity Mutual Funds in line with the Aggressive 3.5% 4.7% 1.8% 1.8% 10.5% - - 57.8%
risk tolerance of the Investor. Benchmark 2.7% 2.2% -1.1% -1.1% 8.1% - - 50.4%
Fund Details: Moderate 2.5% 3.7% 2.9% 2.9% 10.4% - - 46.0%
Benchmark 2.2% 2.0% -0.3% -0.3% 7.5% - - 42.6%
Fund Type: Open End
Risk Level Details Plan specific Conservative 1.8% 2.7% 3.4% 3.4% 9.3% - - 32.9%
Funds 1.1% 1.5% 1.3% 1.3% 6.2% - - 27.0%
Launch Date 11-April-13 Benchmark
Trustee CDC MCPP I** 2.1% 3.4% 2.2% 2.2% 5.4% - - 10.2%
KPMG Taseer Hadi Benchmark 1.8% 1.7% -0.9% -0.9% 4.1% - - 7.5%
Auditors
& Co. MCPP II*** 1.5% 2.5% 1.5% 1.5% 1.8% - - 2.0%
Registrar Meezan Bank Ltd. Benchmark 1.1% 1.6% 0.2% 0.2% 2.2% - - 2.2%
Unit Types A and B MAAP I**** 3.2% 2.3% - -0.9% - - - -0.9%
Management Fee Same as underlying 3.2% 1.4% - -1.2% - - - -1.2%
Benchmark
Funds and 1% on Cash
MAAP II***** 0.7% - - 0.7% - - - 0.7%
Front End Load Aggressive Plan 2.0% 0.05% - - 0.1% - - - 0.1%
Benchmark
Moderate Plan 1.5% * Performance start date of April 12, 2013. ** Performance start date of September 01, 2014. *** Performance start date of
Conservative Plan 1.0% December 16, 2014. **** Performance start date of July 10, 2015, ***** Performance start date of November 24, 2015.
Fund Category Fund of Funds
Back End Load Nil Annual Returns:
Leverage Nil
Listing - FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
AMC Rating AM2+ 16.5% 22.1% 9.0%* - - - - -
Aggressive
Benchmark 15.1% 21.7% 7.9% - - - - -
Moderate 13.6% 17.3% 6.5%* - - - - -
Benchmark 12.9% 18.2% 6.2% - - - - -
Benchmark
Conservative 10.1% 12.6% 3.8%* - - - - -
65% KMI-30 & 35% 6M Benchmark 8.6% 11.2% 3.6% - - - - -
Aggressive Allocation Plan
dep. rate* 7.8%** - - - - - - -
MCPP - I
50% KMI-30 & 50% 6M Benchmark 8.5% - - - - - - -
Moderate Allocation Plan
dep. rate* 0.4%*** - - - - - - -
MCPP II
20% KMI-30 & 80% 6M Benchmark 2.0% - - - - - - -
Conservative Allocation Plan
dep. rate*
MAAP - I - - - - - - - -
MCPP Plan I Combination of KMI-30
Benchmark - - - - - - - -
Index and Average return
MCPP Plan II MAAP - II - - - - - - - -
on 6-month Islamic bank
Benchmark - - - - - - - -
MAAP deposits
Valuation Days Mon-Fri * 80 days of operations, **303 days of operations, 196 days of operations, 55 days of operation s
Subscription/ Redemption
Mon-Fri 9am 4pm
Days
Asset Allocation:
Members of Investment M. Shoaib, CFA
AGG. MOD. CON. MCPP-I MCPP-II MAAP-I MAAP-II
Committee Muhammad Asad
Equity/ Index Funds (%) 69.7 48.0 24.8 46.6 27.2 84.3 28.7
Sanam Zaib, CFA
Income/MMkt Funds (%) 29.9 48.0 74.3 52.8 72.8 15.3 29.4
Ahmed Hassan, CFA
Cash (%) 0.4 3.9 0.7 0.6 0.0 0.3 41.9
Asif Imtiaz, CFA Others receivables (%) 0.0 0.0 0.2 0.0 0.0 0.1 0.0
Zain Malik
Asmar Hamoodi NAV per unit:
Fahad Sultan, ACA
* Average return on 6-month Islamic bank deposits Rs Nov '15 Dec '15 MoM%
Aggressive 68.9 71.3 3.5%
Fund Net Assets:
Moderate 64.5 66.1 2.5%
Rs (Mn) Nov '15 Dec '15 MoM % Conservative 62.2 63.4 1.8%
Aggressive 379 392 3.5% MCCP - I 53.9 55.1 2.1%
Moderate 290 310 6.8% MCPP - II 50.2 50.9 1.5%
Conservative 245 237 -3.3% MAAP - I 48.0 49.5 3.2%
MCPP - I 1,543 1,549 0.4% MAAP - II 50.0 50.3 0.7%
MCPP - II 3,050 3,087 1.2%
MAAP - I 1,165 1,201 3.1% WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that
unrecorded accumulated WWF provision in the fund from the date of its application till December 31, 2012, in case is required to be paid, shall be
MAAP - II 5 686 12826.1% borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no longer liable to pay any expense
under WWF until December 31, 2012.
Funds Multiplier: The Scheme has maintained provisions against Workers Welfare Funds liability to the tune of Rs.2.69mn (Aggressive), Rs.1.74mn (moderate),
Rs.1.45mn (Conservative), Rs.2.35mn (Preservation Plan I), 0.28mn (Preservation Plan II). If the same were not made the NAV per unit/return of
MCPP-I MCPP-II the Scheme would be higher by Rs. 0.49/0.69% (Aggressive), Rs. 0.37/0.56% (Moderate), Rs. 0.39/0.61% (Conservative), Rs. 0.08/0.15%
(Preservation Plan I) and Rs. 005/0.01% (Preservation Plan II). For details, investors are advised to read Financial Statements of the Scheme.
High Multiplier 3.99 3.99 Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
Low Multiplier 3.49 2.92
MEEZAN GOLD FUND (MGF) December, 2015
GOLD FUND
Fund Review:
Net assets of Meezan Gold asdf

Fund (MGF) as at December 31, 2015 stood at Rs. 119 million. The funds NAV decreased by 0.02% during the month.
Investment Objective: Performance - Cumulative Returns (net of expenses):

Meezan Gold Fund (MGF) aims to provide maximum
exposure to prices of Gold in a Shariah Compliant 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
(Islamic) manner, by investing a significant portion of
MGF -0.02% -2.4% - -5.2% - - - -5.2%
the Funds net assets in deliverable gold based
Funds
contracts Details
available on Pakistan Mercantile Exchange Benchmark -0.5% -1.2% - -0.4% - - - -0.4%
(PMEX). * Performance start date of Aug 13, 2015,
Fund Details:
Annual Returns:
Fund Type: Open End
Risk Level High
Launch Date 13-Aug-15 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
KPMG Taseer Hadi MGF - - - - - - - -
Auditors
& Co.
Registrar Meezan Bank Ltd. Benchmark - - - - - - - -
Unit Types C
Management Fee 1.5%
Front End Load 2%
Fund Category Commodity Fund Portfolio: Salient Features
Back End Load Nil
Benchmark Combination of 70% Fully Shariah Compliant means of investing in gold
PKR base closing price Efficient Store of value, thereby providing investors
of physical gold the opportunity to invest in a high priced (valuable)
and 30% Average commodity through unit certificates (mutual funds)
return on 6-month Key Advantages
Islamic bank deposits Tracks price performance of gold
Leverage Nil Maximum exposure to gold prices
Listing ISE
Good hedge against Inflation
AMC Rating AM2+
Rating Agency JCRVIS MGF, in line with its Investment Objectives, will
Pricing Mechanism Forward invest in Authorized Investments as approved by the
Valuation Days Mon-Fri Shariah Advisor
Subscription/ Redemption Days Mon-Fri 9am 4pm To meet Funds investment objective, at least
Fund Manager Ali Khan, CFA seventy percent (70%) of Funds net assets, will
remain invested in deliverable gold based contracts
Members of M. Shoaib, CFA available at a Commodity Exchange, during the year
Investment Committee Muhammad Asad based on quarterly average investment calculated on
Sanam Zaib, CFA daily basis.
Investment Strategy
Ahmed Hassan, CFA Remaining net assets of the Fund shall be invested in
Asif Imtiaz, CFA cash and near cash instruments which include cash in
Zain Malik bank accounts of Islamic banks and licensed Islamic
Asmar Hamoodi banking windows of conventional banks (excluding
Fahad Sultan, ACA TDR). However, at least 10% of the net assets of the
Fund shall remain invested in cash and near cash
instruments at all times.
Fund Net Assets: Weighted Average Time to Maturity of Portfolio : Not
more than 4 years
Nov 15 Dec'15 MoM % Long term
Net Assets (Rs mn) 117 119 1.66% Investment Horizon (Investors are advised to take a long term view of a
NAV Per Unit (Rs) 47.40 47.38 -0.02% minimum of 3 to 5 years)
WWF Disclosure: The Board of Directors of the management Assets Allocation:

company in its meeting held on October 25, 2013 have resolved that
unrecorded accumulated WWF provision in the fund from the date of
Nov '15 Dec '15
its application till December 31, 2012, in case is required to be paid, Gold (%) 71.3 54.3
shall be borne by Al Meezan Investment Management Limited Cash (%) 28.6 45.7
(Management Company of the fund). Thus, the Fund is no longer Other Including receivables (%) 0.1 0.0
liable to pay any expense under WWF until December 31, 2012.
No provision is being made as mutual funds have been excluded from
levy of WWF vide Finance Act 2015.
FUND OF FUNDS
MEEZAN CAPITAL PRESERVATION FUND-II December, 2015
Fund Review:
For the month of December 2015, KSE-Meezan Index (KMI-30) increased by 3.97% with which the fund also increased its exposure to equities.
The NAV as a result increased from Rs. 55.06 to Rs. 56.08 translating into a gain of 1.86% for the month.

Objective of this fund is to earn a potentially high
return through dynamic asset allocation between 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
Shariah Compliant Equities and Shariah Compliant MCPRF-II 1.9% 3.2% 1.6% 1.6% 5.6% - - 12.2%
Funds Details
Income/Money Market based Collective Investment Benchmark 1.8% 1.8% -0.5% -0.5% 3.4% - - 7.9%
Schemes. * Performance start date of Jun 28, 2014,
Fund Details:
Annual Returns:
Fund Type: Open End
Risk Level Low to Moderate
Launch Date 28-Jun-14 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
KPMG Taseer Hadi MCPRF-II 10.3% - - - - - - -
Auditors
& Co.
Registrar Meezan Bank Ltd. Benchmark 8.5% - - - - - - -
Unit Types A and B
Management Fee 1%
Front End Load 3% Funds Performance:
Back End Load Contingent Load
Benchmark Combination of 59.00
KMI-30 Index and MCPRF-II Benchmark
Average return
on 6-month Islamic 57.00
bank deposits
Leverage Nil
Listing ISE 55.00
AMC Rating AM2+
Pricing Mechanism Forward 53.00
Fund Manager Ahmed Hassan, CFA 51.00

Investment Committee Muhammad Asad 49.00
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA 47.00
Zain Malik
May-15
Jan-15
Dec-14
Oct-14
Oct-15
Dec-15
Sep-14
Jun-15
Sep-15
Jul-14
Apr-15
Jul-15
Aug-14
Aug-15
Nov-14
Nov-15
Feb-15
Asmar Hamoodi
Fahad Sultan, ACA
Fund Net Assets: Asset Allocation:
Nov 15 Dec '15 MoM % Oct 15 Nov 15 Dec 15

Net Assets (Rs mn) 2,192 2,229 1.69% 42.6 39.7 44.7
Equity/ Index Funds (%)
NAV Per Unit (Rs) 55.06 56.08 1.86%
Income/Money market Funds (%) 57.2 60.2 55.2
Cash (%) 0.1 0.0 0.0

Funds Multiplier: 0.1 0.1 0.1
Other Including receivables (%)
MCPRF-II WWF Disclosure: The Board of Directors of the management company in its meeting held on October
25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the date of its
High Multiplier 3.99
application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment
Low Multiplier 3.54 Management Limited (Management Company of the fund). Thus, the Fund is no longer liable to pay any
expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 4.28 million till June 30,
2015, if the same was not made the NAV per unit/return of the fund would have been higher by Rs.
0.11/0.19%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from
levy of WWF vide Finance Act 2015.
FUND OF FUNDS
MEEZAN CAPITAL PRESERVATION FUND (MCPF-III) December, 2015
Fund Review:
For the month of December 2015, KSE-Meezan Index (KMI-30) increased by 3.97% with which the fund also decreased its exposure to equities
slightly. The NAV as a result increased from Rs. 57.95 to Rs. 59.31 translating into a gain of 2.35% for the month.

Objective of this fund is to earn a potentially high
return through dynamic asset allocation between 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
Shariah Compliant Equities and Shariah Compliant MCPF-III 2.4% 3.7% 1.2% 1.2% 6.3% - - 19.8%
Funds Details
Income/Money Market based Collective Investment Benchmark 2.4% 2.1% -1.4% -1.4% 5.1% - - 15.8%
Schemes. * Performance start date of Jan 31, 2014,
Fund Details:
Annual Returns:
Fund Type: Open End
Risk Level Low to Moderate
Launch Date 31-Jan-14 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
KPMG Taseer Hadi MCPF-III 12.09% 5.6% - - - - - -
Auditors
& Co.
Registrar Meezan Bank Ltd. Benchmark 11.96% 5.0% - - - - - -
Management Fee 1%
Front End Load 3% Funds Performance:
Back End Load Contingent Load
63.30
Benchmark Combination of
MCPF-III Benchmark
KMI-30 Index and
Average return 61.30
on 6-month Islamic
bank deposits 59.30
Leverage Nil
Listing ISE
57.30
AMC Rating AM2+
Pricing Mechanism Forward 55.30
Subscription/ Redemption Days Mon-Fri 9am 4pm 53.30
Members of M. Shoaib, CFA 51.30

Sanam Zaib, CFA 49.30
Ahmed Hassan, CFA
Dec-14
Dec-15
Sep-14
Sep-15
Apr-14
Apr-15
Aug-14
Aug-15
Nov-15
Nov-14
Feb-14
Feb-15
May-14
May-15
Mar-14
Mar-15
Jan-15
Oct-14
Oct-15
Jun-14
Jun-15
Jul-14
Jul-15
Asif Imtiaz, CFA

Zain Malik
Asmar Hamoodi
Fahad Sultan, ACA
Fund Net Assets: Asset Allocation:

Oct15 Nov15 Dec15
Nov15 Dec '15 MoM %
Net Assets (Rs mn) 3,306 3,380 2.24% Equity/ Index Funds (%) 59.4 56.4 49.8
NAV Per Unit (Rs) 57.95 59.31 2.35% 40.5 43.5 50.1
Income/Money market Funds (%)
Cash (%) 0.1 0.0 0.1
Other Including receivables (%) 0.0 0.1 0.0

Funds Multiplier:
WWF Disclosure: The Board of Directors of the management company in its meeting held on
MCPF-III October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the date of
High Multiplier 3.98 its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan
Investment Management Limited (Management Company of the fund). Thus, the Fund is no longer liable to
Low Multiplier 3.14
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 10.83 million till June 30,
2015, if the same was not made the NAV per unit/return of the fund would have been higher by Rs.
0.19/0.32%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded
from levy of WWF vide Finance Act 2015.
BALANCED
MEEZAN BALANCED FUND December, 2015
(MBF) AMC RATING AM2+ (STABLE OUTLOOK)
Fund Review:
Net assets of Meezan Balanced Fund (MBF) as at December 31, 2015 stood at Rs. 4.52 billion. The funds NAV increased by 2.12% during the
month.
Investment Objective:
Funds Details Performance - Cumulative Returns:
The objective of Meezan Balanced Fund is to generate
long term capital appreciation as well as current 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR*
income by creating a balanced portfolio that is invested
MBF 2% 3% 2% 2% 9% 63% 134% 421% 16%
both in high quality equity securities and Islamic
Income Instruments such as TFCs, COIs, Certificates of Benchmark 2% 2% -1% -1% 7% 48% 98% 249% 12%
Musharika, Islamic Sukuk, Ready-future hedges, and * Performance start date of Dec 20, 2004, CAGR since inception
other Shariah compliant instruments.
Annual Returns:
Fund Details:
Fund Type: Open End FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Risk Level Minimal
MBF 16% 20% 32% 17% 25% 23% -11% 1%
Launch Date 20-Dec-2004
Trustee CDC Benchmark 13% 18% 30% 10% 25% 21% -14% 3%
KPMG Taseer Hadi
Auditors *
& Co.
Top Ten Portfolio Holdings:(% of Total Assets):
Management Fee 2%
Equity Sukuk
Fund Category Balanced
Front End Load 2% Packages Ltd. 7% K-Electric Sukuk 3 10%
Back End Load Contingent Load Engro Corporation 6% GoP Ijarah Sukuk XVI 8%
Leverage Nil Hub Power Co. Ltd. 6% Engro Fertilizer Limited - II 1%
Listing ISE Lucky Cement Co. Ltd. 4% Lalpir (Commercial Paper) 1%
AMC Rating AM2+ Pakistan State Oil Ltd. 3%
Valuation Days Mon-Fri Asset Allocation:
Benchmark 50% KMI-30 Index Nov 15 Dec 15
50% Average bank Equity 56% 58%
Deposit rate of three
GoP Guaranteed Securities 0% 8%
Islamic banks
Sukuk 12% 12%
Fund Manager Asif Imtiaz, CFA
Placement with Banks 4% 4%
Members of M. Shoaib, CFA Cash Others including receivable 28% 18%
Sanam Zaib, CFA
Ahmed Hassan, CFA Sector Allocation:
Asif Imtiaz, CFA
Sukuk
Zain Malik
7% 8%
Asmar Hamoodi
Fahad Sultan, ACA 11% Cement
9%
Paper & Board
Fund Net Asset:
Net Assets (Rs mn) 4,430 4,523 2.09% 20% Fertilizer
NAV Per Unit (Rs) 14.59 14.90 2.12% 45%
Cash & others
WWF Disclosure: The Board of Directors of the management company

in its meeting held on October 25, 2013 have resolved that unrecorded accumulated
WWF provision in the fund from the date of its application till December 31, 2012, in Details of Non Performing Investments:
case is required to be paid, shall be borne by Al Meezan Investment Management
Limited (Management Company of the fund). Thus, the Fund is no longer liable to
The Fund has maintained provisions against Workers Welfare Fund liability of Rs.
37.91 million till June 30, 2015, if the same was not made the NAV per unit/return of
the fund would have been higher by Rs. 0.12/0.84%. Effective from July 1, 2015 no
provision is being made as mutual funds have been excluded from levy of WWF vide
Finance Act 2015.
Performance Fiscal Year Returns:
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07

MIF 22% 29% 51% 19% 39% 31% -30% 0% 29%
Benchmark 20% 30% 54% 14% 44% 37% -35% 1% 17%
AMMF 22% 30% 51% 19% 38% 31% -32% 0% 27%
Benchmark 20% 30% 54% 14% 44% 37% -35% 1% 17%
MIIF 8.15% 11.90% 14.45% 7.79% 11.77% 7.31% 10.14% 9.28% 10.07%
Benchmark 5.04% 5.38% 5.54% 6.02% 5.88% 5.80% 6.12% 5.75% 5.00%
MCF 7.46% 7.08% 8.78% 10.71% 11.02% 10.09% 8.03% - -
Benchmark 6.24% 6.55% 6.91% 8.13% 8.24% 7.50% 7.60% - -
MSF 6.81% 8.50% 9.11% 11.19% 11.45% 9.76% - - -
Benchmark 6.24% 6.55% 6.91% 8.13% 8.24% 7.50% - - -
MTPF- Equity 26.6% 32.40% 54.90% 16.8% 36.00% 31.50% -25.80% 3.10% -
MTPF- Debt 6.4% 7.70% 8.30% 9.5% 10.90% 8.50% 10.20% 8.30% -
MTPF- MMkt 6.9% 6.90% 7.80% 10.9% 10.70% 8.50% 11.10% 7.70% -
KMIF 17.1% 26.50% 49.60% -2.4% - - - - -
Benchmark 20.1% 29.90% 54.40% -1.90% - - - - -
MCPRF-II 10.3% - - - - - - - -
Benchmark 8.5% - - - - - - - -
MCPF-III 12.1% 5.60% - - - - - - -
Benchmark 12.0% 5.00% - - - - - - -
MBF 16% 20% 32% 17% 25% 23% -11% 1% 26%
Benchmark 13% 18% 30% 10% 25% 21% -14% 3% 11%
Aggressive 16.5% 22.10% 9.0% - - - - - -
Benchmark 15.1% 21.70% 7.90% - - - - - -
Moderate 13.6% 17.30% 6.5% - - - - - -
Benchmark 12.9% 18.20% 6.20% - - - - - -
Conservative 10.1% 12.60% 3.8% - - - - - -
Benchmark 8.6% 11.20% 3.60% - - - - - -
MCPP - I 7.8% - - - - - - - -
Benchmark 8.5% - - - - - - - -
MCPP II 0.4% - - - - - - - -
Benchmark 2.0% - - - - - - - -
MAAP I - - - - - - - - -
Benchmark - - - - - - - - -
MAAP II - - - - - - - - -
Benchmark - - - - - - - - -
MGF - - - - - - - - -
Benchmark - - - - - - - - -
Meezan Sovereign Fund: Offering document of MSF requires that minimum exposure in Shariah Compliant Government Securities should be at least 70% of the net assets of the Fund and maximum exposure in cash in bank accounts
with Islamic financial institutions (Excluding TDR) plus Government securities having maturity not exceeding 90 days with rating of AA or above shall be 30%. The limits were non-compliant for the current quarter where exposure in Government
Securities and cash in bank accounts was 22.71 % and 77.29% respectively at the close of November 2015.
This non-compliance has taken place due to lack of supply of GoP Ijarahs in the market and the recent maturity of five Ijarahs (IX-XIII) on November 21, 2015.
MTPF DT/ MM : Circular 36 of 2009 requires that in case of Debt sub Fund deposits in a single bank shall not exceed 10% of Net Assets of the Debt Sub-fund. The limit was not non-compliant in case of deposits in HBL and UBL.
Circular 36 of 2009 requires that in case of Money Market sub Fund deposits in a single bank shall not exceed 20% of Net Assets of the Money Market Sub-fund. The limit was not non-compliant in case of deposits in UBL.

FMR - December 2015

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FROM THE CIOs DESK:

Pakistans Stock Market Sustains a Volatile Year!

Ground Floor Block B, Finance and Trade Center, Shahrah-e-Faisal Karachi.

Stock Market Review Money Market Review

KSE-100 Index Performance

Vol (mn) (LHS) Index (RHS)

Investment Objective: Performance - Cumulative Returns:

Fund Net Assets:

Investment Objective: Performance - Cumulative Returns:

Fund Net Assets:

KSE-100 KMI-30 13% Paper & Board

Investment Objective: Performance - Annualized Returns:

rate of three Islamic

AMC RATING AM2+ (STABLE OUTLOOK)

Investment Objective: Performance Annualized Returns:

Investment Objective: Performance - Annualized Returns:

Members of M. Shoaib, CFA

Investment Objective: MTPF - Allocation Schemes

Fund Type: Open End Lower Volatility 1% 1% 2% 2% 6% 21% 47% 100% 8%

Members of M. Shoaib, CFA

MTPF- Debt 198.8 200.2 0.70%

Sukuk Holdings MTPF (Debt Fund)

Cash & Other Including receivables

AMC RATING AM2+ (STABLE OUTLOOK)

Investment Objective: Performance - Cumulative Returns:

Power Generation & Distribution

Net assets of Meezan Gold asdf

Investment Objective: Performance - Cumulative Returns (net of expenses):

WWF Disclosure: The Board of Directors of the management Assets Allocation:

AMC RATING AM2+ (STABLE OUTLOOK)

Investment Objective: Performance - Cumulative Returns (net of expenses):

Members of M. Shoaib, CFA

Fund Net Assets: Asset Allocation:

Nov 15 Dec '15 MoM % Oct 15 Nov 15 Dec 15

Cash (%) 0.1 0.0 0.0

AMC RATING AM2+ (STABLE OUTLOOK)

Investment Objective: Performance - Cumulative Returns (net of expenses):

Members of M. Shoaib, CFA 51.30

Asif Imtiaz, CFA

Fund Net Assets: Asset Allocation:

Other Including receivables (%) 0.0 0.1 0.0

(MBF) AMC RATING AM2+ (STABLE OUTLOOK)

WWF Disclosure: The Board of Directors of the management company

FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07

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